S’pore March exports beat expectations as trade recovery widens
SINGAPORE: Singapore’s onyear export growth beat expectations in March, thanks to a surge in petrochemical and pharmaceutical shipments, a sign the citystate’s trade recovery is widening to non-electronic sectors.
Non- oil domestic exports (NODX) in March rose a morethan-expected 16.5 per cent from a year earlier, data from trade agency International Enterprise Singapore showed on Monday.
From the previous month, exports fell a seasonally-adjusted 1.1 per cent, a smaller-than-expected decline.
A Reuters poll had forecast March exports would expand 10.4 per cent from a year earlier and shrink 6.4 per cent from February.
“We are still comfortable with the current positive trajectory in terms of exports but a lot is pricebased effects so we will have a better sense in the second half of the year,” said Standard Chartered economist Edward Lee.
Petrochemical and pharmaceutical exports surged in March on-year, growing 42.8 per cent and 17.7 per cent respectively.
Singapore’s electronic exports grew 5.2 per cent from a year ago, but at a more moderate pace compared to the 17.2 per cent growth in February.
Singapore has been among a number of export-reliant Asian economies to benefit from a general uptick in global demand in recent months, with the city-state enjoying strong sales of its tech products. — Reuters